Egypt Invests EGP 43 B in Assiut Oil Projects - EGYPT TODAY

Sunday, 21st July 2019

Investments in oil production and refining projects in Assiut total EGP 43 billion, sources in the Ministry of Petroleum told Egypt Today.

Projects include establishing a refining unit for producing high-octane gasoline, as well as a complex for the production of gasoline and diesel.

The ministry is building a number of new refining projects in Upper Egypt to meet the demand for petroleum products.

Egypt is carrying out six refining megaprojects with around $9 billion investments, as a part of the oil and gas sector’s Modernization Project, Minister of Petroleum Tarek El Molla previously stated.

In May, El Molla reviewed the situation of the mazut hydro-cracking complex at the Assiut National Oil Processing Company (ANOPC). The $1.9-billion project will use 2.5 million tons of mazut to produce higher-value products like diesel, naphtha, and butane.

Egypt- Qalaa Holdings completes final $120m ERC funding round - MENAFN / DAILY NEWS EGYPT

MAY/30/2019 1:15:25 AM 

Qalaa Holdings, one of Africa's leaders in energy and infrastructure, revealed on Wednesday that it has completed a $120m funding round for its subsidiary, the Egyptian Refining Company (ERC), the final such round requested by ERC's project finance lenders, consisting of a $70m capital increase and a $50m shareholders' loan, bringing the total equity component up to $1.5bn and the total cost of the megaproject up to $4.4bn. 

According to Qalaa Chairperson and Founder, Ahmed Heikal, the new funding will be utilised to pay the first project finance debt instalment and part of the second debt instalment for ERC which is now 99.6% complete and set to begin full commercial operations during the third quarter (Q3) of 2019.

Egyptian Refining Co.’s $3.7 Billion Plant Will Start Up in September - BLOOMBERG

November 9, 2017, 2:34 PM GMT+2Mirette Magdy

• Plant will pare country’s need for imported fuel: Chairman
• Refinery is part of plan to raise local processing capacity

Egyptian Refining Co.’s new $3.7 billion processing plant will begin operations in September and save the government some $300 million a year by reducing the country’s reliance on imported fuel, its chairman said.

Ahmed Heikal, who is also chairman of investment company Qalaa Holding, a 19 percent shareholder in the project, said construction of the refinery will be completed in June, with operations to begin in September. The Cairo facility will ramp up output to 98 percent of capacity by the end of 2018.